Renault upped at J.P. Morgan, cost momentum cited

AudeLagorce

LONDON (MarketWatch) -- J.P. Morgan upgraded French carmaker Renault
RNO, -0.27%
to "overweight" from "neutral" to reflect the quality of 2004 operating earnings, accelerated debt reduction and a higher pay-out from Volvo. J.P. Morgan also raised its target price on the shares to 80 euros from 70 euros. The broker told clients that it thinks the stock will feel upward resistance at 70 euros but that Renault "remains a highly convincing mid-term story with above average organic growth, cost momentum and cash returns to shareholders."

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